April 26 (Reuters) - Patterson-UTI Energy Inc:
* PATTERSON-UTI ENERGY REPORTS FINANCIAL RESULTS FOR THREE MONTHS ENDED MARCH 31, 2018
* Q1 REVENUE $809 MILLION VERSUS I/B/E/S VIEW $793.4 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.09 -- THOMSON REUTERS I/B/E/S
* CAPEX BUDGET FOR 2018 REMAINS UNCHANGED AT APPROXIMATELY $675 MILLION
* FOR Q1, OUR RIG COUNT AVERAGED 169 RIGS, AN INCREASE OF EIGHT RIGS FROM Q4 AVERAGE OF 161
* EXPECT AVERAGE RIG COUNT FOR Q2 TO INCREASE TO 176 INCLUDING A SEASONAL SLOWDOWN IN CANADIAN DRILLING ACTIVITY
* BOARD HAS APPROVED AN INCREASE IN QUARTERLY DIVIDEND TO $0.04 FROM $0.02
* AVERAGE RIG REVENUE PER DAY INCREASED $590 SEQUENTIALLY IN Q1 TO $21,540
* PATTERSON-UTI ENERGY - BASED ON CONTRACTS CURRENTLY IN PLACE, EXPECT AN AVERAGE OF 110 RIGS OPERATING UNDER TERM CONTRACTS DURING Q2
* EXPECT AN AVERAGE OF 75 RIGS OPERATING UNDER TERM CONTRACTS DURING 12 MONTHS ENDING MARCH 31, 2019
* FOR 2018, CONTINUE TO EXPECT TO GENERATE SUBSTANTIAL FREE CASH FLOW
* Q1 FINANCIAL RESULTS INCLUDE EFFECT OF A NON-CASH VALUATION ALLOWANCE RECORDED AGAINST CERTAIN DEFERRED TAX ASSETS Source text for Eikon: Further company coverage:
